Latin American InsurTech Olé Life, a fully digital life insurance platform, has raised $13m in a Series B funding round led by PayPal Ventures.
The funding, announced on 16 January, will be used to accelerate Olé Life’s growth across Latin America, according to PYMNTS.
The company plans to establish operations in key markets and diversify its product offerings beyond its core life insurance solutions.
Founded by Michael Carricarte, Olé Life positions itself as the first fully digital life insurance provider in Latin America. Its platform offers a streamlined approach to financial protection, allowing customers to access policies quickly and efficiently.
The company intends to utilise the new funding to expand its reach beyond USD-denominated term life policies.
It aims to introduce innovative products, including whole-family protection plans tailored to address the specific needs of Latin American families. These initiatives are part of Olé Life’s mission to transform how financial protection is delivered in the region.
With over $2bn in insured value and a network of more than 4,000 distribution partners, Olé Life is poised to capitalise on the growing demand for insurance in Latin America.
“As the first fully digital life insurance product in Latin America, this funding is a testament to the incredible progress we’ve made in building a platform that resonates with our customers,” Olé Life founder and CEO Michael Carricarte said. “With the support of PayPal Ventures, we are poised to expand our reach beyond USD-denominated term life policies and introduce groundbreaking offerings, such as whole-family protection plans that address the region’s unique needs. This investment is a pivotal step toward transforming how financial protection is delivered, empowering millions of families to secure their futures.”
Olé Life’s funding highlights the increasing adoption of digital solutions in the insurance sector, a trend also evident in the broader industry’s exploration of real-time payouts. While larger insurers are more equipped to implement such systems, smaller players continue to face challenges related to costs and transparency.
This Series B funding builds on Olé Life’s momentum as it seeks to redefine the insurance experience in Latin America.
Copyright © 2025 InsurTech Analyst
